Income Tax

HC rules out applicability of sec. 43B to employees’ contribution to PF; no deduction if paid after due date of PF Act‏ 26 min read

• Income Tax

HC rules out applicability of sec. 43B to employees’ contribution to PF; no deduction if paid after due date of PF Act‏

Manager 11 years ago

Income Tax- Due date under section 43B (i.e. due date of filing ITR) not applicable under section 36(1)(va) to employees’ contributions to PF/ESI etc.  ... Read More

Do donations help to minimize an individual’s tax liability? 2 min read

• Income Tax

Do donations help to minimize an individual’s tax liability?

Manager 11 years ago

In the tax-planning season, most people rush to make investments to reduce their tax liability. It is found that individuals pay more taxes than they... Read More

All about Annual Information Return (AIR) 3 min read

• Income Tax

All about Annual Information Return (AIR)

Baisakhi Ganguly 11 years ago

According to the amended provisions of Section 285BA of the Income Tax Act, 1961, some assessees need to furnish an Annual Information Return (AIR) in connection with... Read More

Voluntary disclosure of income cannot waive penalty for default 2 min read

• Income Tax

Voluntary disclosure of income cannot waive penalty for default

Manager 11 years ago

The Supreme Court in a recent decision held that a defaulter of income tax cannot be absolved of paying penalty only for making a voluntary... Read More

Medical reimbursement paid to employees is not part of salary and no TDS can be charged upon it 2 min read

• Income Tax

Medical reimbursement paid to employees is not part of salary and no TDS can be charged upon it

Baisakhi Ganguly 11 years ago

The Income Tax Appellate Tribunal in the Assistant Commissioner of Income Tax (TDS) vs. M/s. SAP Labs India Pvt. Ltd. being ITA Nos.1414 to 1416/Bang/2012... Read More

Revision of Tax Audit Report 2 min read

• Income Tax

Revision of Tax Audit Report

Manager 12 years ago

Generally, there is no provision regarding revision of a tax audit report. But if an assessee changes the financial statement, a new tax audit report... Read More

Rules for NRIs selling property in India 2 min read

• Income Tax

Rules for NRIs selling property in India

Baisakhi Ganguly 12 years ago

A new trend in the NRI property rules has been observed recently. NRIs (non resident Indians) coming to India to sell their purchased or inherited... Read More

“Special audit” under the provisions of the Income Tax Act 2 min read

• Income Tax

“Special audit” under the provisions of the Income Tax Act

Baisakhi Ganguly 12 years ago

Special audit is conducted when the Assessing Officer during any proceedings fails to understand the complexity in accounts. With the prior approval of Chief Commissioner... Read More

The Provisions relating to Clubbing of Income 2 min read

• Income Tax

The Provisions relating to Clubbing of Income

Manager 12 years ago

Generally a person has to pay tax for his own income. But there are cases where a person is taxed for income belonging to somebody... Read More

The New Company Bill 2011: Incorporation & Raising Capital 2 min read

• Income Tax

The New Company Bill 2011: Incorporation & Raising Capital

Aditijh 12 years ago

The Companies Act 1956 was supplanted by a new company bill passed as Companies Bill 2011, passed in Lok Sabha on Dec 18, 2012 at... Read More